Probability range for oil windfall tax in U.S. vs Canada

[LearningMachine]

What do folks think is the risk of oil windfall tax in U.S. vs. Canada?

 

Democrats have proposed windfall tax on profits above $66 per barrel. See https://www.congress.gov/bill/117th-congress/house-bill/7061 .

 

Windfall Profit Tax on Domestic Crude Oil was passed back in 1980 also.  See https://www.govinfo.gov/content/pkg/STATUTE-94/pdf/STATUTE-94-Pg229.pdf#page=1 .

 

What do folks think is the likely probability range it will get passed again this time in the U.S.?  Any likelihood of it getting passed in Canada?

[KJP]

1 hour ago, LearningMachine said:

 

Democrats have proposed windfall tax on profits above $66 per barrel. See https://www.congress.gov/bill/117th-congress/house-bill/7061 .

 

 

I believe every sponsor of that bill is a member of the Progressive Caucus.  So, it's really the Progressive Caucus, rather than Democratic leadership, that has proposed that bill. 

 

I think the probability range of a windfall profits tax in the US is low. 

[LearningMachine]

Probability materializing in UK so far: 

 

https://www.cnn.com/2022/05/26/investing/uk-windfall-tax-oil-gas/index.html

[Gregmal]

Liberals are basically the confidence termites of the American system. There’s nothing they won’t hollow out and destroy. $6 a gallon gas is great cuz, well, you should be driving an EV anyway. And it’s an excuse to nationalize big oil profits.